SITO Mobile (SITO) Prices 2.67M Share Stock Offering for Proceeds of $10M

September 16, 2016 9:23 AM EDT
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SITO Mobile Ltd. (Nasdaq: SITO) announced the pricing of an underwritten public offering of 2,666,667 shares of common stock at a public offering price of $3.75 per share for gross proceeds of $10 million. The Company has also granted the underwriters a 30-day option to acquire up to an additional 400,000 shares on the same terms and conditions to cover overallotments resulting from the offering. The Company expects to receive proceeds of approximately $9,300,000, after the underwriting discount, but excluding any exercise of the underwriter’s overallotment option. The offering is expected to close on September 21, 2016, subject to customary closing conditions.

Cowen and Company, LLC acted as the sole book-running manager for the offering with Craig-Hallum Capital Group LLC and Maxim Group LLC as Co-Managers.

SITO Mobile currently intends to use the net proceeds for general corporate purposes, including paydown of debt and expanding its products and sales team and for general working capital purposes. Although it currently has no plans, commitments or agreements with respect to any specific acquisitions, SITO Mobile may also use a portion of the net proceeds to acquire or invest in complementary businesses or products.

The offering of the shares was made pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-213221) including a base prospectus, previously filed and declared effective by the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement describing the terms of the offering has been filed with the SEC and a final prospectus supplement will be filed with the SEC. You may obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively copies of the final prospectus supplement and the accompanying prospectus relating to the shares being offered may also be obtained, when available, from Cowen and Company, LLC. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department or by calling 631-274-2806. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares of common stock, nor will there be any sale of the shares of common stock in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.



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